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RESOLUTION: 2002-63
SUBJECT: Declaring the intent of the City of Lakewood, Colorado to issue housing revenue bonds or mortgage credit certificates to provide financing of residential facilities for low and middle income persons and families; prescribing certain terms and conditions of such bonds; and containing other provisions relating to the proposed issuance of such bonds.
RECOMMENDATION: This Resolution is being adopted to satisfy the requirements of the City with respect to establishing its intent to issue housing revenue bonds or Certificates and with respect to establishing a carry-forward purpose for the City's private activity bond volume cap allocation pursuant to the Colorado Private Activity Bond Ceiling Allocation Act. Staff recommends approval.
SUMMARY AND BACKGROUND OF SUBJECT MATTER:
State law established the State of Colorado's Private Activity Bond (PAB) Allocation Program (24-32-1701 et seq., C.R.S.) to provide for the allocation of the State's PAB ceiling under the Federal Tax Reform Act of 1986. Fifty percent (50%) of the state ceiling is allocated to local governments throughout the State of Colorado. Municipalities that warrant allocations of $1,000,000 or more receive direct allocations. The City of Lakewood's PAB allocation for 2002 is a total of $5,404,725. Each year the City receives this allocation based on its population. In addition to the City allocation, there is a statewide balance that can be used for approved projects throughout the State of Colorado.
Earlier this year the City of Lakewood assigned $2,000,000 of its allocation to the Metro Mayors Caucus in support of its First Time Home Buyers program. This initiative has benefited low and moderate-income households in the City of Lakewood for the past 5 years.
While the City receives a PAB allocation each year, the allocation must be
used or assigned by September 15th of the year in which it was allocated. If
a municipality does not put forth the intent to issue the bonds for the sake
of a "carry-forward," then the PAB allocation will be re-pooled with
the general statewide balance. That is, Lakewood loses its opportunity to use
or assign its allocation until the next year when the allocation is renewed.
At this time the City has an interest in participating in the Metro Mayors Caucus
Transit Oriented Housing Fund which is currently only in its feasibility study
phase. Should this program come to fruition, the City intends to assign its
carried-forward balance toward the program.
Nothing in the Resolution constitutes a debt, indebtedness, or multiple year
fiscal obligation of the City of Lakewood.
RESOLUTION ADOPTION DATE: September 9, 2002
ATTACHMENTS: N/A
ORIGINATED BY: Larry Dorr, Financial Analyst, Department of Finance
STAFF PERSON RESPONSIBLE: Larry Dorr, Financial Analyst, Department of Finance, 303-987-7668
SUBMITTED BY:
Jacque Wedding-Scott, Finance Director
REVIEWED BY:
Mike Rock, City Manager
Joni D Inman, Director Mayor and City Manager's Office
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